Workplace giving vs salary sacrifice donations
Have you made a donation either through workplace giving or salary sacrifice arrangements with your employer? If so, and you want to claim a deduction in your tax return, you’ll need to be careful as the tax treatment differs depending on which method you used to make the donation. For donations made outside the workplace …
Hardship priority processing of tax returns
It’s tax time again and if your business is experiencing financial difficulties due to the latest lockdowns, the ATO may be able to help by processing your tax return faster and expedite any refund to you. To be eligible for priority processing, you’ll need to apply to the ATO and provide supporting documents dated within …
ATO continues to target individuals: novated leases
As 2021 calendar year hits the half way mark, the ATO is continuing with its playbook of targeting individual taxpayers. This time, it is targeting taxpayers that have entered into novated leases to obtain vehicles. Data will be obtained from various novated lease companies for the 2018-19 to 2022-23 financial years to ensure that individuals …
Div 7A minimum payment extension due to COVID
With large swathes of Australia in the midst of another lockdown, the persistent effects of COVID-19 continues to hamper the economy and causing hardship for individuals. To assist shareholders or associates that have difficulty meeting minimum yearly payments under Div 7A, the ATO has announced a concessional extension to the payments until 30 June 2022. …